Albers et al v. Commonwealth Capital Corp. et al

Filing 28

ORDER granting 27 motion to stay. The Order dated January 17, 2017 (Doc. 26) is VACATED. Signed by Judge Roy B. Dalton, Jr. on 1/19/2017. (VMF)

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UNITED STATES DISTRICT COURT MIDDLE DISTRICT OF FLORIDA ORLANDO DIVISION CHRISTINE ALBERS; RICHARD BARROW; MARYLOU BARROW; ASHLEY CHILDS; THOMAS DOWNS; JOE FASOLO; ROSEMARY FASOLO; ROBIN LEAGER; DONALD MARKS; FRANCES MURN; THOMAS NORRIS; DEAN O’DONNELL; FELICIA O’DONNELL; BRENDA GULRICH; MATHEW GULRICH; STANLEY SETTLE; LISA SETTLE; SUSAN CECALA; TREVOR MAYHEW; MARIA COHEN; MICHAEL SZPARAGA; MARVIN SANDLER; DIANE SANDLER; HELEN McAULIFFE; NICOLE BARON; and ALAINE PATTON, Plaintiffs, v. Case No. 6:16-cv-1713-Orl-37DCI COMMONWEALTH CAPITAL CORP.; COMMONWEALTH INCOME AND GROWTH FUND, INC.; COMMONWEALTH CAPITAL SECURITIES CORP.; and KIMBERLY SPRINGSTEEN-ABBOTT, Defendants. ORDER This cause is before the Court on the parties Joint Motion to Stay Proceedings and for Relief from Case-Management Requirements (Doc. 27), filed January 18, 2017. In this Private Securities Litigation Reform Act (“PSLRA”) action, Defendants filed a Motion to Dismiss the Complaint (Doc. 25 (“MTD”)), and the parties then jointly moved to stay the proceedings in accordance with 15 U.S.C. § 78u-4(b)(3)(B) (Doc. 27 (“Motion to Stay”)). Under § 78u-4(b)(3)(B), “all discovery and other proceedings [in PSLRA actions] shall be stayed during the pendency of any motion to dismiss, unless the court finds upon the motion of any party that particularized discovery is necessary to preserve evidence or to prevent undue prejudice to that party.” In accordance with this statutory provision, the Court finds that the Motion to Stay is due to be granted pending resolution of the MTD and further order of this Court. As such, the Court finds that the Order requiring the parties to file a joint Case Management Report (Doc. 26) is due to be vacated. CONCLUSION Accordingly, it is hereby ORDERED AND ADJUDGED: 1. The Order dated January 17, 2017 (Doc. 26) is VACATED. 2. The Joint Motion to Stay Proceedings and for Relief from CaseManagement Requirements (Doc. 27) is GRANTED. 3. This action is STAYED until further Order of the Court. DONE AND ORDERED in Chambers in Orlando, Florida, on January 19, 2017. Copies: Counsel of Record 2 3

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